Growth hacking is a process of rapid experimentation across
marketing channels and product development to identify the most
effective, efficient ways to grow a business. Growth hacking
refers to a set of both conventional and unconventional marketing
experiments that lead to growth of a business. Growth hackers are
marketers, engineers and product managers that specifically focus on
building and engaging the user base of a business. Growth hackers often focus on low-cost alternatives to traditional marketing, e.g. using social media, viral marketing or targeted advertising instead of buying advertising through more traditional media such as radio, newspaper, and television.
The question is how to implement it in your company?
For a SaaS company, the traditional sales cycle method is very expensive. The price of SaaS product is very low that the traditional sales method is very costly comparatively and not sustainable. It is also very slow growth.
This is one of the method that we follow:
1. Using existing users to add new users.
Our product OfficeCentral have been in the market for many years. We have thousands of customers and each customers have hundreds of their own customers.
One method is for our existing users to be able to send the invoice to their customers via OfficeCentral.
The advantage to users:
1. Automated Email from system. Correct data.
2. Fast. System takes care of sending
3. System always remember.
4. Status is from system
The advantages to the customers:
1. Can log in to see the current invoice
2. Can see previous invoices and status is from system
New users can log into OfficeCentral and can view their invoices, download the .PDF file and view their payment status.
This new users can also look at the various modules and features available in OfficeCentral.
With this method we will get thousands of new users and high potential of conversion.
The HOTMAIL did this when they start their growth hacking many years ago. They become very large without spending advertising on traditional marketing method.
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